Bitcoin and the First Wave of COVID-19

Abstract

Extending the time period of Goodell and Goutte (2020), we apply wavelet methods to daily data of COVID-19 world deaths and daily Bitcoin prices from December 31, 2019 to August 31, 2020. We confirm Goodell and Goutte (2020) for an extended period by evidencing a positive correlation between levels of COVID-19 and Bitcoin prices, suggesting Bitcoin as a safe haven investment. Investigations such as this are important to both scholars and policy-makers, as well as investment professionals interested in the financial implications of both COVID-19 and cryptocurrencies.